Raleigh-Durham, NC

The Research Triangle is one of the fastest-growing metro areas in the country, in one of the best states in the country for business.

Several high-profile projects – chief among them a mixed-use development next to Raleigh’s Union Station – have fueled the local construction market and will continue to do so in 2023 and beyond. Many of these are related to manufacturing and technology – and include factories for electric vehicle batteries, supersonic business jets, and cameras and optical equipment. The Research Triangle has long been a hub for science and technology (hence the nickname) and stands to benefit from increasing costs on the West Coast and renewed interest in domestic manufacturing.

The Research Triangle has averaged around 6% growth over the last two years, although 2022 is expected to be the end. We expect the market to decline by about 2% next year. Projects that began during the pandemic are expected to wrap up this year, and a cooling economy means that there should be fewer new projects to replace them. Our research suggests that the Research Triangle will remain a steady market, however, through at least 2024.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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